A private equity firm backed by French luxury goods giant LVMH has invested in South Korean avant-garde eyewear producer Gentle Monster.

Ravi Thakran, chairman and managing partner of L Catterton Asia, said the company had become the second-biggest shareholder of Gentle Monster, after its two founders. The value of the transaction was not disclosed but a report by Reuters suggested it could be worth over $53m.

Founded in 2011, Gentle Monster has experienced a surge in popularity in South Korea and China - traditionally dominated by Western luxury brands. It’s most recent visit to the Silmo trade show in Paris included an art installation of robotic arms painting and then smashing ceramic torsos.